Hinckley and Rugby Building Society achieved double digit growth in both its mortgage lending and its savings balances in 2017.

In its annual results the society announced it increased its mortgage advances by 12% in the 12 months to November 30 2017.

Advances totalled £193 million, compared to £172 million in the same period a year earlier.

Retail savings balances grew by £55 million (10.5%) to £576 million by the end of the financial year, while total assets were up more than £100 million at £741 million (2016 - £637 million).

With a mortgage book up 15% at £620 million and a £50 million-plus pipeline of mortgage business at the start of the current year, Hinckley and Rugby’s performance is continuing a trend of growth sustained for several consecutive years.

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During its financial year the society helped 327 first-time buyers purchase their first home and enjoyed a strong 12 months in buy to let mortgages, which ended the year at 21% (£131 million) of the overall book - up from 18% a year earlier.

There was an increase in net interest income to £7.89 million (2016 - £7.08 million) and the net interest margin was largely sustained at 1.15% (2016 - 1.17%). Those figures helped Hinckley and Rugby to improve its profits before tax from £341,000 in 2016 to £1.3 million in 2017.

Chief executive Chris White said: “The results reflect a year of great achievement by the whole Hinckley and Rugby family of staff. They have worked hard for our customers and with intermediaries to build long term relationships, reflected in our excellent levels of retention.